The S&P 500 just wrapped another session at record levels. While hitting new peaks has become almost routine for 2025, the technical picture we're seeing in mid-December tells a different story compared to late October's rally. The setup diverges meaningfully—the momentum drivers aren't quite the same, and the market internals paint a more nuanced picture. For crypto traders keeping an eye on macro correlations, this shift in equity market structure matters. When traditional markets cool or rotate, it often ripples through digital asset pricing. The resilience (or lack thereof) of these new highs will likely shape risk appetite across all asset classes heading into year-end.